The 15 U.S. cities where home prices are growing the fastest — none are in New York or California

The median terms for single-family homes successful the U.S. dropped by $19,400 successful the past 3 months of 2022, though prices for the twelvemonth were up 4% overall, caller information reveals.

While home-price maturation decreased, prices were inactive elevated successful 90% of the 186 metro areas examined by the National Association of Realtors (NAR). Of those, astir a 5th had double-digit terms increases, chiefly successful the South.

Here's a look astatine the apical 15 hottest markets successful the U.S. close now, successful presumption of terms maturation successful 2022:

Of the 15 cities wherever location prices grew the most, each but 2 are successful the South, with six successful Florida. This reflects a Southern migration trend that's been happening since 2020 and is related to a variety of factors, including affordability, accrued distant enactment and older Americans retiring.

The metro country with the highest percent of terms maturation is Farmington, New Mexico, wherever the median terms for each homes is $261,200 — good beneath the nationalist median of $378,700.

The tiny municipality of little than 50,000 residents is the lone marketplace wherever location prices accrued by much than 20% successful 2022. 

On the different extremity of the spectrum, metro areas with the biggest terms drops successful 2022 were San Francisco and San Jose, California, with median location maturation declining by 6.1% and 5.8%, respectively. 

Nevertheless, request for homes remains strong, adjacent with rising owe costs pricing retired buyers, says Lawrence Yun, NAR's main economist.

"Even with a projected simplification successful location income this year, prices are expected to stay unchangeable successful the immense bulk of the markets owed to highly constricted supply," says Yun. "Moreover, determination are signs that buyers are returning arsenic owe rates decline, adjacent with inventory levels adjacent historical lows."

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